Electricity

Greece’s IPTO seeks shares in TSOs of North Macedonia, Serbia, Montenegro

Greece's IPTO seeks shares in TSOs of North Macedonia, Serbia, Montenegro

Photo: NoName_13 on Pixabay

Published

December 14, 2023

Country

,

Comments

comments icon

0

Share

Published:

December 14, 2023

Country:

,

Comments:

comments icon

0

Share

The Greek Independent Power Transmission Operator (IPTO) aims to expand its presence in the Balkans and the wider region of Southeastern Europe.

Chairman and CEO Manos Manousakis said recently during the OT Forum that talks are already underway for IPTO, also known for its Greek acronym Admie, to acquire shares in neighboring transmission system operators – TSOs.

The 2018 Prespa Agreement between Greece and North Macedonia provides the basis for the Greek company’s possible entry, while the prospect of Western Balkan nations joining the European Union also opens new opportunities.

Manousakis promises a “win-win” result for any operator willing to cooperate, arguing that IPTO has a large capital base and healthy finances for supporting the energy transition and investments in grids and regional interconnections. He named North Macedonia, Serbia and Montenegro among the countries with TSOs that the company he leads would buy stakes.

So far, preliminary negotiations have taken place between IPTO and North Macedonian MEPSO, however the government in Skopje is hesitant to sell part of its TSO to foreign investors. It is a strategic company that can partly affect the country’s security, so it needs to remain under government control, Minister of Economy Kreshnik Bekteshi said.

IPTO’s expansion in the Balkans tied to the Eastern Mediterranean

Earlier this year, IPTO took the reins of the EuroAsia Interconnector, a 2,000 MW undersea cable project that is envisaged to connect Greece, Cyprus and Israel. In the meantime, the Cypriot government and TAQA, or Abu Dhabi National Energy Co., a state-owned utility from the United Arab Emirates, signed memorandums of understanding to become shareholders.

Manousakis: We have been approached by American and global funds

Furthermore, the project has been renamed to Great Sea Interconnector and its construction is now expected to begin in 2024. IPTO is also in talks with other investors in Israel and the Middle East who have expressed interest in participating. Their inclusion would be considered especially helpful, since it would send the message that it is a truly international project with benefits reaching far beyond the three original countries.

Manousakis revealed that investment funds from the United States and elsewhere have approached IPTO lately and expressed interest in becoming shareholders.

The Great Sea Interconnector is one of the Greek government’s flagship projects that will allow the country to become an energy hub in the wider region. The goal is for green energy from North Africa and the Middle East to find its way to Greece and then northwards all the way to Central Europe, as part of a so-called vertical power corridor. It is precisely why IPTO seeks new partnerships in places like the Western Balkans.

IPTO’s Vice Chairman Ioannis Margaris has said that interconnections to North Africa and the Middle East only make sense if electricity can reach Central Europe.

Connections with neighboring countries to be upgraded

Another aspect has to do with upgrading existing interconnections between Greece and its neighbors. A second 400 kV line with Bulgaria was completed this year between Nea Santa and Maritsa to increase power trade between the two countries.

According to IPTO’s ten-year development plan, the connection with Italy will be upgraded from 500 MW to 1,500 MW. The new connection with Albania is scheduled to increase flows by at least 200 MW by the end of this decade.

Talks with Turkish Electricity Transmission Corp. (TEİAŞ) were also held recently with a goal to build a 400 kV line by 2029 that would increase flows by 600 MW.

There are also two private underwater cable projects, GREGY and the Greece-Africa Power Interconnector (GAP), for links to Egypt. IPTO began exclusive negotiations this year about buying 33.3% of GREGY.

Comments (0)

Be the first one to comment on this article.

Enter Your Comment
Please wait... Please fill in the required fields. There seems to be an error, please refresh the page and try again. Your comment has been sent.

Related Articles

ACER Zinglersen Integrate electricity markets flexibility new era already here BEF 2025

ACER’s Zinglersen: Integrate electricity markets to bolster flexibility as new era is already here

28 May 2025 - The number of hours with negative power prices reached an all-time high for two years in a row, which means a new era is here, ACER's Director Christian Zinglersen said at BEF 2025

NGEN BEF 2025 decentralized electricity grid Roman Bernard BEF 2025

NGEN showcases solutions at BEF 2025 for decentralized electricity grid of tomorrow

28 May 2025 - Slovenia-based NGEN is expanding throughout Europe with its software platforms and equipment and BESS for decentralized grids

belgrade energy forum bef 2025 flexibility services batteries koer ngen ems alteo cybergrid

BEF 2025: Digitalization, open markets, time are major preconditions for flexibility services mainstreaming

27 May 2025 - The panel called Market Flexibility: The Backbone of a Resilient Energy System was one of the eight sessions at Belgrade Energy Forum 2025

Fortis Energy Gavrilovic developing huge portfolio in SEE

Velimir Gavrilović, Fortis Energy: We are developing huge portfolio in SEE

27 May 2025 - Fortis Energy is working on renewable energy projects of 2 GW altogether in Southeast Europe, of which half is in Serbia